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Fiserv Completes First-of-its-Kind Pin on Mobile Transaction with Visa
New app-based solution simplifies payment acceptance for merchants of any size WARSAW, Poland & BROOKFIELD, Wis.--(BUSINESS WIRE)-- In a move that is
About this update from Fiserv, Inc.
[{"type":"text","content":"\nNew app-based solution simplifies payment acceptance for merchants of any size\n\n WARSAW, Poland & BROOKFIELD, Wis.--(BUSINESS WIRE)--\nIn a move that is expected to boost the worldwide use of smartphones and tablets as point-of-sale terminals, First Data, now part of Fiserv (NASDAQ: FISV), is enabling merchants to use their own devices to accept payments of any amount without any additional hardware.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200217005508/en/Fiserv, together with Visa, Samsung and PayCore, has completed a first-of-its-kind PIN on Mobile Transaction. (Photo: Business Wire)\n\nThis is ground-breaking for small businesses and service providers that operate remotely due to its first-of-its-kind PIN on mobile capability, which facilitates secure PIN entry on a consumer-grade mobile device. This simplifies payment acceptance by allowing merchants to accept PIN-based contactless transactions without the need for a separate card reader or PIN-entry device, opening new market opportunities for merchants and allowing even micro-businesses to accept non-cash payments.\n\n\nFiserv, a leading global provider of payments and financial services technology solutions, recently completed the first PIN on mobile payment via the app-based solution. Following security testing, the solution, developed jointly with Visa, Samsung, and PayCore, is being piloted in Poland, with plans to expand in the EMEA and APAC regions.\n\n\n“The way people want to pay is changing,” said John Gibbons, executive vice president and head of EMEA at Fiserv. “Contactless CHIP and PIN payments are common, yet over 23 million* micro merchants in Europe alone may lack terminals to accept them. We’re making sure no merchant is left out and helping them do business in the cashless economy by turning the smartphone into a card acceptance device.”\n\n\nThe flexible, cost-effective solution, which is currently available on select Samsung devices, utilizes embedded near-field communication (NFC) functionality. A payment can be made with contactless cards, NFC-enabled mobile phones, or other NFC-enabled devices such as wearables.\n\n\n“This innovative service is a milestone for modern entrepreneurs. It will allow Samsung mobile users to do more than just pay with their phones; it will let them ac...